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SOCAR: Participation in Antipinsky Refinery not pose risks

31 October 2019 11:58 (UTC +04:00)

State Oil Company of the Republic of Azerbaijan (SOCAR) completing necessary procedures has become a minority shareholder of the SOCAR Energoresurs LLC in Russia, SOCAR told APA.

SOCAR Energoresurs LLC unites Antipinsky Oil Refinery and assets of three oil fields with 45 million tonnes of proven oil reserves in Orenburg Oblast, Russia.

SOCAR’s main role in this project is to provide managerial expertise to Antipinsky Refinery. From the structure of the agreement point of view, SOCAR’s participation in the Antipinsky Refinery does not pose risks for the SOCAR related to the Refinery’s previous debts.

Note that the Antipinsky Refinery, of which annual production capacity is 7.5 million tonnes, produces diesel, vacuum gasoil, naphtha, gasoline (A80 and A92), coke, technical sulfur, process oil, and liquefied gas.